In the first full year of operation under New York Community Bank ownership, the former AmTrust residential mortgage banking platform produced $10.8 billion in loans in 2010, with $3.8 billion coming in the fourth quarter.
The unit was acquired when NYCB picked up failed AmTrust Bank in a Federal Deposit Insurance Corp. transaction in December 2009.
The fourth quarter volume exceeded third quarter volume by $352 million. However, rising rates affected refinance business in the fourth quarter and the rate lock pipeline fell from $6 billion in the third quarter to $2.6 billion in the fourth.
Westbury, N.Y.-based NYCB had $40.4 million of mortgage banking income during the fourth quarter, of which the originations operation contributed $36.9 million and the servicing operation added $3.5 million.
For the third quarter, originations contributed $58.9 million of income and servicing, $17.6 million. The decline in servicing income was due to the expiration of an agreement to subservice mortgage servicing rights FDIC acquired in the AmTrust failure.
On the commercial side, NYCB originated $2.5 billion of multifamily loans in 2010, up 32% over 2009. In the fourth quarter, it did $990 million, compared with $495 million for the same period one year prior. The increase is due to refinancings and property sales that resulted in new loan originations.
Commercial real estate loan originations were $947 million for 2010, up 41% from the prior year. Of that total, $348 million came in the fourth quarter, compared with $163 million for the same period in 2009.
